FREDERICTON, NB - (For Immediate Release) After details of Finance Minister Bill Morneau’s corporate tax planning changes were solidified in the federal government’s 2018-19 budget, the Fredericton Chamber renews its call for a comprehensive tax review through a Royal Commission.
“While the changes have been greatly simplified from what was first proposed last July, the federal government continues to tinker with the tax code on a piecemeal basis, it is clear that a full review of our taxation system is needed,” said Keir Clark, Fredericton chamber president. “If the government is serious about its commitment to tax fairness, because of its integrated nature, examining the system in its totality is the only way this laudable goal will ever be achievable.”
The budget does contain measures that could benefit New Brunswick in particular such as the senior care pilot project, investments in areas that leverage areas of strength like cybersecurity and other research and development, as well as funds for developing our forestry industry and protecting it from the invasive spruce budworm.
“We are hopeful that as a national leader in cybersecurity, New Brunswick can expect to receive a large portion of the planned cybersecurity investment,” added Krista Ross, Chamber CEO. “We often talk about differentiating between governments ‘spending’ and ‘investing’ and this is a good example of an investment that makes sense for all Canadians. Cyber threats continue to grow daily for businesses and individuals – the work being done in New Brunswick can have a global impact.”
“We are keen to hear more details about the seniors pilot project in the coming weeks,” added Clark. “With our aging population and shrinking workforce, New Brunswick would appear to be the ideal location to roll out some new ideas and determine best practices. As a chamber we continue to encourage governments at all levels to innovate in delivering services and we are hopeful that this is a unique opportunity to do just that.”
The indefinite deficit forecasts are a major source for concern for the business community. “Canadian business asked the government to focus on fundamentals like the growing competitiveness gap, the need to attract more private sector investment and presenting a realistic plan to balance the books. Although the budget sets out many positive measures, including support for women entrepreneurs, a clearer path to Indigenous self-determination and improved skills development, it doesn’t address the most basic issues facing our economy,” said the Hon. Perrin Beatty, Canadian Chamber of Commerce President and CEO. “The cost of running a business in Canada is rising rapidly. Without a strong private sector, there’s no way to pay for all this spending, except by sending the bill to our kids.”
The Fredericton Chamber of Commerce, a nationally accredited organization with nearly 1,000 members, is an active business organization engaged in policy development and advocacy that affects the competitiveness of our members and the Canadian business environment. The Chamber’s vision is Stronger Community Through Business Prosperity.
Contact: Krista Ross, CEO – (506) 458-8006